A mortgage is likely to be the biggest financial commitment your family ever makes, but too many of us don’t know how we would continue to make mortgage payments if there was a significant change in our finances. Our ability to make repayments can be impacted by unforeseen changes in our income, including serious illness, injury and the premature death of a loved one, which could put our homes at risk.

There are many different types of mortgage protection and insurance available. While some people hope to draw on critical illness cover or life insurance for mortgage repayments, making specific arrangements to ensure your mortgage is paid will give peace of mind to yourself and your loved ones.

Mortgage protection comes in many forms, including Mortgage Protection Insurance, Mortgage Payment Protection Insurance, Decreasing Life Cover, Mortgage Life Insurance, Critical Illness Insurance and Income Protection Insurance. It can be useful to classify them as those which cover your mortgage for an agreed period of time while you are still alive but unable to make payments for a given reason, and those which pay off any outstanding mortgage balance at the time of your death.  

Buying protection from your mortgage lender will give you limited choice and often offer cover from only one insurer.  As an independent adviser, we can assess the full range of protection available and help you identify the one that’s right for you.

This will depend on a number of factors, including whether you have a repayment or interest-only mortgage, how dependent your family is on any one individual’s income, and your other insurances and estate or inheritance tax planning arrangements. We can help identify the best protection for your loved ones based on our holistic approach to your financial planning.

You can contact us to find out about how we could help safeguard your family’s home on an initial meeting, no-obligation basis. Just tell us what you would like to know more about in an email and we'll get back to you. 

Your home may be repossessed if you do not keep up repayments on your mortgage.